Nifty 50, Sensex Updates: Indian Stock Market Outlook for March 18

Indian Stock Market Update

Market Outlook

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a steady note on Wednesday, tracking upbeat cues from global markets. The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index, trading around 23,648 level, a premium of nearly 31 points from the Nifty futures' previous close.

Previous Day's Performance

Read also: Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4

On Tuesday, the Indian stock market ended sharply higher, with the benchmark Nifty 50 closing above 23,500 level. The Sensex jumped 567.99 points, or 0.75%, to close at 76,070.84, while the Nifty 50 settled 172.35 points, or 0.74%, higher at 23,581.15.

Market Predictions

Sensex Prediction

• Support zones: 75,500 - 75,300
• Resistance levels: 76,500, potentially lifting Sensex to 77,000
• Caution: below 75,300, sentiment could change, and traders may prefer to exit long positions

Read also: MarketSmith India's 4 June Stock Recommendations

Nifty 50 Prediction

• Bullish candle: formed a small bullish candle with shadows in either direction, signaling extension of pullback for the second session in a row
• Support levels: 23,350, 23,250, and 23,000
• Resistance levels: 23,600 - 23,700, 23,800
• Recovery: anticipated towards the 23.6% retracement of the recent decline, placed around 23,800

Bank Nifty Prediction

• Bullish candle: formed a bullish candle with a long lower shadow, signaling demand at lower levels
• Resistance levels: 55,250 - 55,300, potentially paving the way for further upside towards 55,800
• Support levels: 54,400 - 54,300